Credit Card Application

  Credit Card Application  - Applying for a credit card online? Don't overlook these facts  - May 25, 2007  

The online processing of credit card application is fast gaining popularity because of the various benefits it offers. The procedure is different from offline or regular credit card application and seems more convenient, however there are few things to note about the online credit card application process. This article takes a look at few such things.

The process

Though online application process is supposed to be less cumbersome in terms of paperwork, convenience and time, but in reality it is just a part of the regular credit card issuing processes. At first the application can be online but sooner or later the paperwork has to be done and it is more or less mandatory with every issued credit card. Secondly, some credit card companies, find it too risky to give an instant decision based on facts which can be easily manipulated, the question of identity theft also comes into place and almost all the decisions are 'in principle' which get rolling after proper verification etc.

Fees

Some credit card companies charge a small fee for every online application to be made, part of this could be to support their IT infrastructure and personnel, but most of them do to deter fraudulent enquiries that can cost them a fortune in verification and other procedures. So, it is better to checkout with the credit card companies whether they have any such fees and if so what is the exact amount. Because, it is going to increase the cost of acquisition of credit card for you. It is also good to verify whether the APR's and other costs associated with the credit cards are different for offline and online processes, or same. If you find a significant difference then it is good to adopt the application process which offers the lowest rates.

Credit history

Having a poor credit history and applying for the gold, platinum or other such credit card for which a good to excellent credit history is essential prerequisite, will only frustrate you. The denials, rejections etc. can cost you mentally as well as financially. So, it is always better to confirm with the credit card company about the credit history requirements.

Choice and terms

Almost all the credit card companies that offer online application process do not allow you to compare other credit cards before applying online. The necessity of a comparison cannot be understated. This is very crucial to make the right credit card decision. The online credit card application form has the most essential terms and conditions listed somewhere below the main application. It is good to go through the document before filling in the details. Some facts that look very attractive on the face can prove disastrous when looked in the light of the fine prints.

The online application process has its own merits and can prove to be quite a time and effort saver if used in a proper way.

  Credit Card Application  - The 3 Main Advantages of Online Credit Card Application  - Mar 6, 2007  

Many people will head down to the local office of the banks or credit card companies when they want to apply for a credit card. If there is a long queue, they will have to wait in line for their turn to submit their applications. Alternatively, they can call up their customer service hotlines and request for an application form to be mail to their home addresses.

As more and more households have access to the Internet, the banks and credit card companies begin to offer online credit card applications. This method allows the banks and credit card companies to reach a broader base of potential customers, especially the younger generation that is more computer savvy.

Online applications offer several advantages over the traditional way of applications. Here are three of them:

1. Convenience

This is probably the number one reason why online applications are preferred over the traditional ways. There is no need to travel to the bank and queue in long lines. Thus no extra time is wasted and there is no travel cost to deal with. Since the credit card website is available round the clock, you can even apply for a one at 3 a.m. if you want.

2. Access to a wide range of credit card information

Traditionally, if you want to review credit cards from different banks and credit card companies, you have to visit each of their offices separately or call up different hotlines to request for their application form. With the Internet, you can do it with just a few clicks. There are many legitimate online credit card directories that offer you detail description of credit cards from different bank and companies. Some of these online directories even offer free tips on credit card selection and management.

3. Shorter Turnaround Time

Since everything is computerized and automated, the processing of the application is usually much faster and more efficient. By simply clicking a button to bring up the application form, you can fill it up on your computer screen and then click another button to submit it. Unless there are issues with your credit history or errors on the form, you can expect to get your application approved in matter of days instead of weeks.

The main concern when applying for a credit card online is security. Contrary to belief, online application is actually very safe and secure. The banks and credit card companies spent huge amount of money each year to ensure that their computer system is secure and hack-proof. The data that is being transmitted between your computer and the website is encrypted using security technology such as SSL.

To have a safer experience, you should only make your online application from your personal computer at home or in a private place. Avoid public places such as an Internet cafe. In fact, you should not be doing any high security transaction from any computer located in public places.

Online credit card application is safe and easy. Once you have experienced the convenience, it is unlikely you will return to the old ways of applying for a credit card.

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